Many individuals are aware of the death benefits of an insurance policy, but the living benefits are rarely heard of or unexplained. However, many people are afraid to commit to such an investment vehicle because there has been many misunderstandings surrounding the product, making people stay away from even trying to understand what it can do. In addition, there is no maximum contribution level and you would be able to access your money at anytime, for any purpose. Cash Flow Banking allows policy owners to receive dividends every year and all growth is tax free. On the other hand, Cash Flow Banking is the original TFSA that has been around for over 100 years. One of the rules of a TFSA is that it has a maximum contribution level the maximum is $41,000 in the year 2015 if you have never gotten a TFSA before. However, all registered investment options have their rules and regulations. Santander UK is one of the first banks to offer this type of open banking-based app with cash flow forecasting, transaction categorisation and QR code-based payments to UK companies.A Tax Free Savings Account (TFSA) is one investment option that allows Canadians to earn tax free investment income to meet lifetime saving needs. The app is being tested with selected Santander UK corporate and commercial banking customers with a view to it being launched more widely to customers following the initial roll-out phase. It integrates contract acceptance and payment instructions to speed up the process by which companies do business with, and pay, their suppliers. CashFlow Manager embeds the elements of quoting, contract creation and invoicing for businesses to work with their suppliers. Another of the app’s key features is an invoice processing facility, which is designed to save businesses time by streamlining and semi-automating what is otherwise a manual and time-consuming process. When customers use the QR code to pay, the payment is settled immediately in the business’ bank account. CashFlow Manager enables businesses to request payments from their customers by showing a unique QR code either in person or online. Speeding up the payments process is at the heart of the app, and among its key features is a QR code-based payments collection facility. By analysing a business’ transactions, CashFlow Manager also assesses its future cash flow position to provide detailed forecasts. The app analyses each business’ data to provide it with categorised insights into its spending, for example how its payroll expenditure on a given month compares to its average over a prescribed period. Santander UK’s clients who use the app can link and view their banking details for up to 98% of UK banks. CashFlow Manager displays in one location all balances and transactions for accounts businesses hold with their various banks. Created by tomato pay, an Open Banking fintech for small and medium-sized enterprises (SMEs), the CashFlow Manager app is also designed to speed up payments through QR codes and simplify invoicing. The app provides Santander UK’s clients with a ‘single view’ of numerous account balances and transactions across their different banks. Santander UK has announced a mobile app, built using Open Banking technology, for its corporate and commercial banking clients.
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